Week of August 6th, 2025
07/31/2025
Concerns Grow as Premium Tax Credit Sunset Looms
Enhanced ACA premium tax credits–benefiting millions–are set to expire at the end of 2025. Without legislative action, premiums may jump by 75% and over 4 million people could lose coverage. Efforts to extend the credit face political hurdles due to high cost projections.
08/01/2025
Average Filing Time to Increase Under New Tax Act, Says Group
The new tax act introduces deductions for tips, overtime, and auto loan interest, but these provisions will increase filing complexity and time. The Yale Budget Lab estimates lower-income taxpayers could see up to 1.8 additional hours of administrative burden. Compliance will be heavily reliant on clear definitions and employer reporting.
08/04/2025
SEC Chairman Atkins Readies Crypto Rules Blitz
SEC Chair Paul Atkins announced “Project Crypto,” an initiative to create streamlined, crypto-specific regulations and reduce reliance on outdated enforcement strategies. The new rules will address asset custody, token classification, and trading platforms–aiming to bring crypto activity back onshore.
08/04/2025
With IRS Cuts, Education on New Tax Act May Be an Uphill Battle
The IRS has experienced a 25% overall staffing cut–and a 44% cut in its Communications division–hampering outreach efforts. Tax professionals are encouraged to proactively educate clients, as reduced IRS guidance may lead to confusion and scams. Despite limited resources, implementation efforts are slowly underway.
